Pitbull Community Review 2021: Everyone holds, everyone wins | By Capital | Capital | July 2021
The evolution of the crypto market in the past decade is undeniable. Although BTC is the focus of attention, it is only a drop in the ocean of innovations that have exploded in various industries.
In light of this evolution, this article will introduce a new innovation that is slowly penetrating the cryptocurrency market and gradually gaining a place among dedicated users and communities, namely Pitbull Community.
Today, there are more than 5,000 cryptocurrencies in the crypto market, and more are added every day. Therefore, it is difficult to know which crypto assets to invest in. Not all crypto assets will succeed, some will fail, and some will be scams. So, is the Pitbull community token worth investing in?We will find at the end of this guide
What is the Pitbull community?
The Pitbull community is one of the relatively new cryptocurrency projects entering the blockchain market in 2021. This innovation uses a community-driven DeFi ecosystem approach. The Pitbull Community created this innovation with a long-term vision, emphasizing the success of the currency and the potential for future integration as the project progresses.
Although this project is relatively new, it has caused a huge sensation in the crypto space and gained support from a dedicated community, which is evident in social media platforms and token holder groups.
Essentially, this is a self-mortgage token owned by the community. Since its launch, enthusiastic volunteers in the community have been working hard to improve. The community is made up of web developers, data analysts, writers, and several others who use their talents and resources to grow Pitbull into a community-driven success.
Everyone has a say and can take the initiative to work to increase $PIT. The decentralized nature of the project clearly adapts it to the sustainability and destructive trends in the crypto economy. Once again, the strength lies in the community, which makes the project one of the pioneers of the thrilling era of social blockchain.
Token economy and distribution
A total of 100 trillion U.S. dollars of PIT tokens can be used for initial supply. In order to control the inflation of the tokens, 50% of the total supply has been initially destroyed and sent to a dead address, then the tokens are made available and locked there forever through smart contracts.
According to the smart contract, the project is automated in such a way that 2% of each transaction is allocated to each $PIT holder, and the other %2 is allocated to the dead address. This means that anyone holding tokens is eligible to receive consistent incentives and rewards, and in the process, as the number of dead address holdings increases, the circulating supply of $PIT decreases significantly.
In order to create a profitable foundation for investors, relative to a higher price floor, for each transaction, the platform will automatically create liquidity, send it to a dead address and lock it permanently. As of today, the Pitbull community has successfully burned about 58% of the total supply. Since the establishment of the project, 7.5% of the value has been destroyed due to the development of PIT token economics for the project.As of mid-June 2021, the circulating supply is 42 trillion and trillions
Get passive mortgage bonus
As stated in its contract, the holder of this token is eligible to automatically allocate 2% of every transaction using the token. This feature is very unique and easy to access because it allows $PIT holders to use their unique wallets to automatically earn and access rewards on the platform without the need to farm or mortgage their assets on external platforms. This not only provides them with more profitable options, but also reduces the cost of natural gas and brings a degree of peace of mind.
As the project progresses and gains more attention in the field of encryption and decentralization, the passive pledge rewards of holders of PIT have a tendency to improve, thereby significantly increasing the transaction volume. Imagine the feeling of seeing your assets grow only through holdings. sublimation!
Potential and current use cases and ecosystem
Since the project is community-driven, a team of experts as software development and web development professionals is constantly working to enhance its features and functions. The project is only about three months old, and several projects and integrations have been released and are in progress.
One of the items is Pit tracker, Which will enable investors on the platform to clearly understand the PIT they hold and see the exact amount they generate from the automatic mortgage incentive. It is currently in beta testing. In addition, there are PitCharts in the testing phase. It includes an analysis tool for every token on BSC. At the time of release, this feature is expected to generate considerable revenue from advertising space and paid features. Therefore, this will further promote the burning of tokens and project development.
Another project in the testing phase is Pit farm, Where users pledge PIT—BNB V1 to access points they can redeem for official NFT or directly purchased on the platform. As a user, you can trade these NFTs directly on the market of the platform, and the income or programs generated from the sales go directly to the NFT artists and community funds as a coinage fee. Any fundraising will be used for project development, PIT token burning and charity.
The charity covers K2C, Kennel to Couch and other projects. K2C is a charitable organization that works with many community partners to rescue the homeless and stray pit bulls, and provides necessary support to these partners and shelters to encourage the adoption of their sponsored pit bulls. Integrating $PIT into the project means that it will have special tools that can automatically donate to K2C when users purchase NFTs, machinery, and other potential products from the platform.
Essentially, investors can buy NFTs, and its program is designed to help Bitcoin bulls in need. The community has funded several projects, such as donations to RoldaOrg and BulliesInNeed, these charities and non-profit organizations mainly focus on sheltering dogs and bullies in Romania and Canada in need of care.
The third use case is Bit swapIn short, this is an automated marketing tool that enables investors to purchase and trade PIT seamlessly. According to the team, the plan is to develop this use case PitSwap into an ecosystem that will include the development of a new token that, together with PIT, provides a wide range of benefits for farming, staking and generating more transaction fees . Take the development of the project as the orientation.
Pit shop with Pit stop Are other prominent use cases. The latter is in the planning stage and will soon be available for user interaction, while the former is in the Alpha testing stage. PitStore will enable users to use U.S. dollars to purchase Pitbull products, and further plans to use PIT as a payment method. This helps the platform to build its brand image and provide funds that will be used for charity, burning, and platform development.This Pit stop The project will serve as a avenue connecting every PIT tool that can be accessed on a single page.
Gamification is quickly gaining attention in the crypto space, so it is logical for Pitbull to make the most of this area. A few months later, it is planned to launch a section on the platform where users can play lottery, card trading and other games, and earn $PIT in the process.
In summary, here is a brief overview of the currently available use cases and integrations and potentials.
Considering the design and framework of the platform, it is safe. The community owns it, every transaction will contribute to LP, and the contract will permanently lock it. In addition, the Pitbull community burned 50% of the total supply to a dead address at the beginning of the project. No one can modify the contract, and no one can extract liquidity from the platform. The team working behind the scenes are volunteers. Therefore, in essence, it is a community where members live together under a scattered umbrella.
In order to further lay the foundation for a transparent and fair release, Pitbull Community did not conduct any pre-sales. In addition, after the contract and dead address are created, the ownership of the project will be immediately relinquished to the community. At the beginning of the project, based on available information, it sent 50% of the total supply of PIT to a dead address.
With the help of community members’ donations, Techrate, a well-known audit company in the industry, conducted a comprehensive audit of the Pitbull community smart contract. The audit did not record any serious issues, whether they were high, medium, or low. In addition, it found no privileges relative to the owner and established a “community-owned” clause for the project.
Just like its operations, functions and features, transparency is one of the main values that the Pitbull community attaches great importance to. The team always welcomes new volunteers to further ensure that the community is a representative of the community. In addition, constantly voting to determine the innovation direction of the project.
For example, the community can vote on the necessary steps to allocate funds, or exchanges where the project should listen more, or related shelters donate funds or even appropriate brands to the platform.
With a comprehensive overview of the project, if you are interested in community-driven tokens, then this may be your best choice. However, investing in these options should be accompanied by extensive research on their pros and cons so that you can make the best decision for your investment.